Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $10.60, but opened at $10.00. Sable Offshore shares last traded at $9.5940, with a volume of 866,752 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group lowered their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Roth Mkm set a $22.00 price objective on shares of Sable Offshore in a research note on Monday, June 1st. Wall Street Zen cut shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Price Performance

The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -2.36 and a beta of -0.22. The firm’s fifty day moving average is $13.58 and its 200 day moving average is $11.43.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. Equities research analysts forecast that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Anthony Duenner sold 39,312 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the sale, the insider directly owned 590,864 shares in the company, valued at approximately $8,012,115.84. This trade represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the executive vice president owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 1,077,406 shares of company stock worth $17,202,083. 20.00% of the stock is owned by company insiders.

Institutional Trading of Sable Offshore

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its stake in Sable Offshore by 224.7% in the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock valued at $21,395,000 after acquiring an additional 896,258 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Sable Offshore by 135.1% in the first quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock valued at $927,000 after acquiring an additional 32,300 shares during the last quarter. Sunbelt Securities Inc. lifted its stake in Sable Offshore by 7.5% in the first quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock valued at $1,189,000 after acquiring an additional 5,000 shares during the last quarter. Royal Bank of Canada lifted its stake in Sable Offshore by 22.3% in the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after acquiring an additional 895 shares during the last quarter. Finally, Evercore Wealth Management LLC lifted its stake in Sable Offshore by 31.7% in the first quarter. Evercore Wealth Management LLC now owns 20,750 shares of the company’s stock valued at $343,000 after acquiring an additional 5,000 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.